Financial Management Research On The Problems Of Sustainable Growth Of Chinese Listed Companies

Based on the concept of sustainable growth, maximizing the value of enterprises is established as financial management objective of corporate. With the improvement of the growth rate, corporate profits and value is also bound to increase. But the growth rate is not endless and it has been constrained by financial resources of the enterprise's own. As a result, it is necessary to research sustainable growth from a financial point of view.This article established the "maximizing the value of enterprises" as financial targets through review of the theory about sustainable growth of enterprises. And it thought the target as well as the sustainable growth of enterprises could promote each other. Then under the guidance of the targe, it analyzed internal and external factors which impact the sustainable growth of Chinese listed companies. And then by the sustainable growth model of James. Van Horne, regarding 569 A-share listed companies in Chinese Shanghai and Shenzhen Stock Exchange from 2001 to 2007 as the research objects, by the way of standardized research and empirical research ,the article studied sustainable growth of Chinese listed companies from the financial management perspective.The text is divided into five parts. The first part introduced the meaning and the situation about sustainable growth theory research now. The second part introduced the sustainable growth model and analyzed both inside and outside factors which impacted sustainable growth. The third part analyzed the samples by the James. Van Horne model and found there was a significant difference between sustainable growth and actual growth from a short period while from a long-term actual growth rate is constrained by the sustainable growth rate. The fourth part analyzed the main factors which impacted the sustainable growth, and gave recommendations and countermeasures. And the last part summarized the article.